Since the government raised the income ceiling for eligible HDB flat buyers and EC home buyers in August 2015, the expected surge in buying demand for executive condominiums (ECs) did not materialise. One reason is that the cooling measures and curbs on home loans since 2013 have moderated demand for ECs. Another reason is that the increase in the income ceiling of eligible HDB flat buyers have enlarged the group of potential public flat buyers, which in turn has sapped the demand for ECs. In other words, some of the home buyers who could buy either a HDB flat or an EC have chosen to buy the former.